Galena Capital Corp.
TSX VENTURE : FYI

Galena Capital Corp.

April 30, 2008 08:00 ET

Galena Introduces the Tablachaca River Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2008) - Galena Capital Corp. (TSX VENTURE:FYI) (the "Company" or "Galena") holds a portfolio of resource properties in Mexico and Peru. One of the properties is the Tablachaca River project. The Tablachaca project is located east of the coastal city of Chimbote located in Peru.

The Tablachaca project is a placer project and the Company owns the placer mining rights for 12 kilometres of the river to approximately 40 metres of depth. Historically, the Tablachaca River has been placer-mined annually by local artisan miners who have been producing and selling gold, tungsten and rare earths. The Company's due diligence indicates that a placer operation on a larger scale can be very economical. The geological characteristic of steep river banks allows for the material containing AU to slide into the river basin and the material is distributed through the river.

The company has been conducting ongoing initial diligence in an attempt to locate the source of placer material and is also proceeding with a pilot project to implement a placer operation. The company is in the process of obtaining the final permit required to mine the Tablachaca River and management fully expects to be into production within 6 months. All necessary operational equipment has been secured to facilitate this production schedule.

CEO Arni Johannson says, "The Tablachaca River project represents Galena's commitment to be a near-term producer and to have a cash flow asset to augment our developing exploration projects."

Galena's mission statement is to aggressively build a well-financed, premiere public company run by dedicated, experienced senior management, with projects whereby production can withstand commodity fluctuations and therefore create a legacy in Mexico and South America.

For further information, please visit www.GalenaCorp.com or contact Galena directly on the number below.

ON BEHALF OF GALENA CAPITAL CORP.

Arni Johannson, Chairman, CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Galena Capital Corp.
    Ian Pedersen
    Investor Relations
    (604) 638-0260 or Toll Free: 1-877-906-3987
    Website: www.GalenaCorp.com